Exelon Corporation
Financial Performance
Exelon Revenue & Financials
Revenue
$24.3B (FY2025)
Market Cap
$41.6B
Employees
20,200
What is Exelon's revenue?
Exelon had $24.3B in revenue for fiscal year 2025, up 5.3% from 2024.
- Latest revenue
- $24.3B (FY2025)
- Year-over-year
- +5.3%
- Growth rate (CAGR)
- 7.8% over 5 years
- Peak revenue
- $24.3B (FY2025)
- Years of data
- 6
- Employees
- 20,200
- What is Exelon's operating income?
- Exelon reported operating income of $5.1B for fiscal year 2025. sec.gov
- How many employees does Exelon have?
- Exelon has about 20,200 employees.
Financial Analysis
Revenue has grown each year since the 2022 separation, from $19.08B in 2022 to $21.73B in 2023, $23.03B in 2024 and $24.26B in 2025. Net income attributable to common shareholders was $2.768B in 2025, or $2.73 per share on a GAAP basis; adjusted operating EPS was $2.77, above the original $2.64 to $2.74 guidance. In Q2 2026 Exelon reported revenue of $5.97B, GAAP EPS of $0.39 and adjusted EPS of $0.43, and reaffirmed 2026 adjusted EPS guidance of $2.81 to $2.91. The growth is capital-funded: the plan calls for nearly $10B of spending in 2026 and roughly $41.7B over 2026 to 2029, financed with debt and about $3.4B of new equity over four years. Exelon Corporation is the largest regulated electric utility company in the United States, commanding a market valuation typically over $35 billion.
Revenue Trend Analysis
YoY Change
+5.3%
5-Year CAGR
+7.8%
Peak Year
2025
Trend
Consistent Growth
Exelon Corporation has 6 full fiscal year figures on this page, compounding at +7.8% annually over 5 years. The most recent year saw a 5.3% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $24.3B. Of 5 comparable year-over-year steps, 5 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $24.3B | $5.1Bfiling | +5.3% | sec.gov Fiscal 2025 revenue. |
| FY2024 | $23B | $4.3Bfiling | +6.0% | data.sec.gov Fiscal 2024 revenue. |
| FY2023 | $21.7B | $4Bfiling | +13.9% | data.sec.gov Fiscal 2023 revenue. |
| FY2022 | $19.1B | $3.3Bfiling | +6.4% | data.sec.gov Fiscal 2022 revenue after the Constellation separation presentation. |
| FY2021 | $17.9B | $2.7Bfiling | +7.7% | EXELON CORPORATION annual report (SEC EDGAR, filed 2023-02-14) Fiscal year ended 2021-12-31. Figure as presented in the annual report filed 2023-02-14. |
| FY2020 | $16.7B | $2.2B | — | EXELON CORPORATION annual report (SEC EDGAR, filed 2023-02-14) Fiscal year ended 2020-12-31. Figure as presented in the annual report filed 2023-02-14. |
Click any row to see year details.
Exelon Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $6.3B | $8.5B | $116.6B | $87.8B | $28.8B | -$2.3B | Form 10-K |
| FY2024ended Dec 31, 2024 | $5.6B | $7.1B | $107.8B | $80.9B | $26.9B | -$1.5B | Form 10-K |
| FY2023ended Dec 31, 2023 | $4.7B | $7.4B | $101.9B | $76.1B | $25.8B | -$2.7B | Form 10-K |
| FY2022ended Dec 31, 2022 | $4.9B | $7.1B | $95.3B | $70.6B | $24.7B | -$2.3B | Form 10-K |
| FY2021ended Dec 31, 2021 | $3B | $8B | $133B | $98.2B | $34.4B | -$5B | Form 10-K |
| FY2020ended Dec 31, 2020 | $4.2B | $8B | $129.3B | $94.4B | $32.6B | -$3.8B | Form 10-K |
Keep researching Exelon
Exelon Revenue and Financial FAQ
What is Exelon's annual operating revenue scale as a pure-play utility?
Exelon reported $24.258 billion of revenue in 2025, up from $23.028 billion in 2024 and $21.727 billion in 2023. Q2 2026 revenue was $5.97 billion.
What is Exelon's projected multi-year capital expenditure (capex) plan?
Exelon plans nearly $10 billion of capital spending in 2026 and about $41.7 billion from 2026 to 2029, with most of the increase going to transmission.
What is Exelon's rate base growth rate and how does it translate into earnings growth?
Exelon targets about 7.9% annual rate base growth, supporting adjusted EPS growth near the top of a 5% to 7% annual range from 2025 to 2029. 2026 adjusted EPS guidance is $2.81 to $2.91.
What is Exelon's dividend payout policy and yield profile for utility investors?
Exelon pays a quarterly dividend and targets a payout ratio of about 60% of adjusted operating earnings, with dividend growth broadly in line with earnings.
What credit ratings and balance sheet liquidity does Exelon maintain?
Exelon and its utilities hold investment-grade credit ratings and fund capital spending mainly with utility first mortgage bonds and holding company debt, plus about $3.4 billion of planned equity over 2026 to 2029.
How does regulatory lag impact Exelon's realized Return on Equity (ROE)?
Regulatory lag occurs when capital is spent before rate relief is granted by utility commissions. Exelon mitigates regulatory lag through forward-looking test years, multi-year rate plans, capital cost tracking riders (e.g., for gas pipeline replacements), and FERC formula transmission rate true-ups.
How do interest rate fluctuations impact Exelon's financing costs and rate cases?
While higher interest rates increase the borrowing cost of new debt issued to fund capital expenditures, regulated utilities pass prudently incurred debt financing costs directly into customer rate cases, allowing authorized return-on-capital calculations to adjust over time to prevailing macroeconomic interest rates.
How is Exelon's rate base distributed across its six operating utilities?
ComEd is Exelon's largest utility by customers and rate base, followed by PECO, BGE and the three Pepco Holdings utilities. Exelon reports rate base by utility in its investor materials.
Does Exelon still own nuclear power plants?
No. In a massive, industry-shaking move in 2022, Exelon legally separated into two companies. It kept the boring, highly stable wire-and-pipe utility business (Exelon), and completely spun off its massive fleet of nuclear power plants into a separate public company called Constellation Energy.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Exelon Revenue & Financials." CorpDigest, https://corpdigest.com/company/exelon/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Exelon reported $24.3B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/exelon/financials" target="_blank" rel="noopener">CorpDigest — Exelon financials</a></div>Related Financial Audits
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